Privileged Identity Management Market Analysis, Competition landscape and growth opportunity up to 2025

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08th November 2018: Privileged identity management manages administrator activity in critical environments by providing secure password management solution such as databases and applications and network equipment such as switches, routers, and security appliances. This technology needs to accommodate the special needs of privileged accounts, including their authorization, provisioning & life cycle management, authentication, password management, access controls, and auditing. The Privileged identity management market is expected to grow rapidly for the forecast period owing to the adoption of cloud technology and increasing complexity in network technology & enterprise compliance. Major driver of the industry is growing adoption of mobile devices. Extensive usage of tablets and smartphones has given rise to many user identification and authorization issues. Employees have access to confidential information such as corporate e-mails and critical business information which might lead to data leak and corporate espionage. The growing concern among organizations to safeguard the confidential data has significantly contributed to the growth of market.
Advancement in technology and security threats has increased over the years. Moreover, hacking, viruses, spyware, and spams have become difficult and complex to detect and control using traditional identity management solutions. Preventing and identifying breaches and security threats is expected to be a major challenge in the market. One of the key trends in the market is software as a service based security management solution. The rapid adoption of cloud technology has given an opportunity to vendors to offer software as a service based privileged identity management solutions. The adoption of cloud-based security has also increased due to low investment costs and the availability of pay-per-use models. Vendors have increased their R&D expenditure to develop new and advanced products with better security offerings to have a technological edge over others. The industry can be segmented into solutions which includes access management, user management, account management, privileged identity management, privileged password management, and account security. It is also segmented on the basis of end use which includes small and medium enterprise, large enterprise, and government enterprise.
North America is considered as the key market for Privileged identity management industry followed by Europe owing to increase in Bring Your Own Device (BYOD) trend among enterprises, high demand to automate the data access and control process, rapid adoption of cloud computing, and developed network infrastructure. Asia Pacific is anticipated to have significant growth for the forecast period owing to the developing IT infrastructure. Key players in this segment are CA Technologies, BeyondTrust Software, IBM, Arcon, Lieberman Software, Centrify, BalaBit, Hitachi ID Systems, Dell, NetIQ, MasterSAM, ObserveIT, NRI Secure Technologies, Wallix, Xceedium, and Thycotic.Companies in the market have adopted various strategic initiatives such as new product development, merger and acquisition, and partnerships and collaboration in order to have a competitive advantage and strong market share.
In March 2016, CA Technologies partnered with Simeio Solutions a global leader in providing identity and access management security. Through this partnership, Simeio Solutions will offer customers a fast track to a business-focused identity management implementation that can be deployed at faster rate than traditional implementations. In April 2015, Hitachi ID Systems launched Hitachi ID Privileged Access Manager 9.0 (HiPAM 9.0). It offers the ability to check multiple accounts at once and run commands across multiple systems. HiPAM 9.0 also introduces Hitachi ID Mobile Access for android and iOS, to expedite approvals for one-time access and to disclose passwords when required.    

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